Self-made millionaires have three qualities in common: a high level of desire, a clear purpose, and a willingness to take action. In this episode, Patrick talks about the difference between self-made billionaires and millionaires, and what they have in common.
00:00:00.00030 seconds. One time for the underdog. Ignition sequence start. Let me see you put them up. Reach the sky, touch the stars up above. Cause it's one time for the underdog. One time for the underdog.
00:00:17.320I'm Patrick Obedevio, host of IITEM, and today we're going to talk about three qualities self-made millionaires have in common.
00:00:23.220Earlier today, I was on a flight back from Ohio and I was thinking about, we were having a couple of conversations with friends and I was thinking about, you know, when we were kids, 10, 11, 12, 13 years old, you know, kids would say, what do you want to be when you grow up? And people would say, I want to play baseball. I want to do this. I want to do that. But you would hear people say, I want to be a multimillionaire. I want to be rich. I want to buy this for my mom. I want to buy that for my dad. I want to take them everywhere. I want to buy a nice car for my dad. I want to have a nice house. I want to, you know, we talk about being millionaires, right?
00:00:51.240And then we become older and we start thinking, oh my goodness, it's so hard. These people who became millionaires, they have rich families, they have all these fancy degrees, they're smarter than me, they're better than me, they're this, this, this, this, that.
00:01:00.900And then we play small and we stay in this box and our life becomes a regular life.
00:01:06.500And we don't ever really find that if we're capable of having that life of being a millionaire ourselves.
00:01:13.860And the reason why I'm using the phrase millionaire is because, you know, many times people think for someone to become a millionaire, you need to come from a rich family or you need to be extremely smarter than everybody else, et cetera, et cetera, et cetera.
00:01:26.240And I asked my team, I said, why don't you pull up some numbers to find out what percentage of Americans are self-made millionaires and self-made billionaires?
00:01:35.380Fidelity, according to Fidelity, 86% of millionaires are self-made, 86% of them are self-made, meaning only 14% had family, help them out financially, they came from rich families.
00:02:41.240You ask them the question and it comes back to pretty much deep down inside they all look different, personalities different, some of them are very loud, eccentric, pink shirts, pink ties, colorful socks, big personalities.
00:02:53.460Some of them are very quiet, some of them are married, some are single, some are white, some are black, some are Hispanic, some are Asian, some have degrees, some don't have degrees.
00:03:38.380But action, very few guys were willing to do what?
00:03:41.360Take action and go ask her out because she may say what?
00:03:43.900No, and you may get rejected and all your friends may laugh at you so because of humiliation and embarrassment, you didn't take that action.
00:03:50.060So, your desire is high, but you never really found out.
00:04:25.820They don't have a problem working hard.
00:04:27.320There's a lot of hardworking people I know, but they really don't know what they want.
00:04:30.840I mean, it's like they're just running around.
00:04:33.140You know, if I make money, I'm going to buy this.
00:04:34.440If I know that, no, there's got to be a clearer purpose.
00:04:37.300When you put those three together, you could have whatever you want in your life, but you've got to know your desire, your action, and your purpose.